Finmeccanica SpA, Italy's biggest defense company, agreed to buy US military electronics maker DRS Technologies Inc for $4 billion to win Pentagon contracts.
Allianz SE, Europe's biggest insurer, said a loss at Dresdner Bank and lower profit at its insurance divisions drove earnings down 65 percent in the first quarter.
HSBC Holdings Plc, Europe's biggest bank by market value, set aside a smaller-than-estimated $3.2 billion for bad loans in the United States and said first-quarter profit was higher than a year earlier.
MBIA Inc, the bond insurer that lost 87 percent of its market value in the past year, posted a net loss of $2.4 billion as the slump in mortgage securities deepened.
A California man who has defaulted on nine homes and expects banks to foreclose on all of them, forcing him into bankruptcy, says he now considers it a mistake to have invested in the real estate market.
Whirlwind visits by German ministers to China this year have thawed bilateral relations that took on a diplomatic chill in 2007.
Part of an ambitious multi-city, three-year campaign entitled "Germany and China - Moving Ahead Together", the cross-cultural festival moves to Chongqing today, hosted by the municipality in southwest China.
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